If NFTs are liquid IP, then holders will eventually own the property’s cash flows. This fact makes non-fungible tokens a financial asset class.

Where novel speculative assets previously lived in various networks of the world, largely inaccessible, today they are accessible via digital primitives (on-chain or not) which leads to a dynamic where any asset with an asymmetric upside risk profile that can be quickly exploited or "aped into", will be.

What if, instead of relying on an fallible centralized authority to assure us of who has what, we rely on distributed authority that isn’t controlled by a single party? What if our money has value, not because we trust the power of a government to back it, but because we trust the power of math?

In any context where there's a coordination game that has existed for long enough, there's likely a conception of legitimacy. And blockchains are full of coordination games. Which client software do you run? Which decentralized domain name registry do you ask for which address corresponds to a .eth name? Which copy of the Uniswap contract do you ac... See more